Shares drift sideways as RBNZ bond buying ends

The RBNZ has been buying up to $1b of bonds each week. (Photo: Dan Brunskill)

Thu, 22 Jul 2021

New Zealand shares shuffled sideways in a directionless trading session, while bond yields moved marginally higher as the Reserve Bank ended its buying programme. The S&P/NZX 50 Index climbed 11.7 points, or 0.1%, to 12,720.84. Turnover was $273 million.US share markets moved back towards their all-time highs overnight, with very low cash and bond yields still providing support for the stock market. The local bond market was itself relatively unfazed as the RBNZ’s large-scale asset purchases ended not with a bang but a whimp...

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